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EQT raises $15bn for new fund, defying market headwinds.
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KKR withdraws from the $21bn acquisition of Ramsay Health Care , an Australian multinational healthcare provider and hospital network.
The decision to walk away from the cash offer was made after KKR and its advisors could not carry out due diligence on Ramsay Sante. Ramsay said it would not negotiate with KKR and its advisors on the alternative proposal but was willing to engage with the buyout firm, Reuters reported.
"Ramsay is prepared to engage with the Consortium to determine whether it can put forward an improved binding proposal that is capable of recommendation by the Ramsay Board," Ramsay.
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Zendesk 's investor Light Street Capital said on Monday it would vote against the software company's $10.2bn deal to go private and instead proposed that Zendesk remain a standalone public company and find a new CEO.
Light Street, which manages funds that own more than 2% shares of Zendesk, said the deal struck with investment firms led by Hellman & Friedman and Permira undervalues the San Francisco-based company.
Zendesk (led by Mikkel Svane ) is advised by Goldman Sachs , Qatalyst Partners , Wachtell, Lipton, Rosen & Katz (led by Steve Rosenblum ) and Sard Verbinnen & Co (led by John Christiansen ). Financial advisors are advised by Morrison Foerster (led by Spencer Klein ) and Sullivan & Cromwell LLP (led by Alison Ressler ). The bidders are advised by Morgan Stanley , Dechert LLP (led by Mark Thierfelder ), Fried Frank , Kirkland & Ellis (led by Rick Campbell ), Simpson Thacher & Bartlett LLP (led by Atif Azher ), Finsbury Glover Hering (led by Winnie Lerner ) and Sard Verbinnen & Co (led by Megan Bouchier ). Debt providers are advised by Latham & Watkins (led by Mike Ben ).
Centennial Resource Production, LLC, an independent oil and natural gas company focused on the development of oil and associated liquids-rich natural gas reserves in the Permian Basin, completed the merger with Colgate Energy , a privately held, independent oil and natural gas company, in a $5.3bn deal.
"This transformative combination significantly increases scale and drives accretion across all our key financial and operating metrics. Colgate's complementary, high-margin assets are a natural fit for Centennial, creating the largest pure-play E&P company in the Delaware Basin. Importantly, the combined company is expected to provide shareholders with an accelerated capital return program through a fixed dividend coupled with a share repurchase plan. We are excited to partner with Colgate as we share a common vision for the pro forma company that includes a strong balance sheet, a disciplined investment program to drive cash flow and a robust return-of-capital program," Sean Smith, Centennial CEO.
Colgate Energy (led by Will Hickey and James Walter) was advised by Credit Suisse, Jefferies and Kirkland & Ellis (led by Sean T. Wheeler). Centennial (led by Sean Smith) was advised by Citi and Latham & Watkins (led by Ryan Maierson). Citigroup was advised by White & Case LLP (led by Denise Cerasani).
EQT raises $15bn for new fund, defying market headwinds.
Swedish private equity firm EQT Group has raised €15bn ($15bn) so far for its new flagship fund despite wider economic and fundraising headwinds, Bloomberg reported.
The buyout firm has received commitments for about 70% of the fund’s maximum cap of €21.5bn ($21.5bn) by the first close. EQT expects to “materially” conclude active fundraising this year, with a final close planned for 2023.
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